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Venezuela Says OPEC Should Keep Current Production Levels

PORLAMAR, Venezuela -(Dow Jones)- Venezuela reiterated Tuesday that the Organization of Petroleum Exporting Countries should keep its current production levels steady when the oil producers hold their next meeting in December.

"Our position will be one of much caution," said Rafael Ramirez, the oil minister for Venezuela, a founding member of the 12-nation OPEC.

He said the current production cuts already implemented should remain in place "until we have a stable market and better signals regarding worldwide demand levels."

Venezuela last year cut production along with other OPEC nations to reduce supply amid slackening demand, and thus avoid a sharper drop in prices.

Prices have rebounded strongly since then, though they are still well below the record high of nearly $150 a barrel set in 2008.

Ramirez said Venezuela has a capacity to produce 3.2 million barrels a day of crude, but said it is only producing 3.0 million to meet the OPEC reduction calls. The December meeting will be in Angola.

-By Dan Molinski, Dow Jones Newswires;(58) 414 120 5738; dan.molinski@ dowjones.com

  (END) Dow Jones Newswires
  11-03-091242ET
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